The Commerical Real Estate Climate Continues to Falter and Warrants Review for the Viability of a Successful Real Property Tax Appeal
With measurable declines in the real estate market persisting, evidenced by the sluggish movement of vacancy and rental rates, a tax appeal is most likely justified in 2012. Don’t let the fact that you did not explore this option in the past dictate your actions this year. Just as in the case of refinancing your mortgage, it is never too late to take advantage of real savings opportunities.
Last year, the New Jersey Tax Court was busy docketing an unprecedented level of appeals and municipalities are again bracing for yet another consecutive record appeal season. Downward adjustments to assessment levels have been generally warranted over the course of the last several years in conjunction with most property classes. Due to the continued economic malaise and waning consumer confidence, further downward adjustments appear to be in order again in 2012.
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